Ben Caselin, a former official at AAX, claimed that the brand’s confidence has been damaged and that his function at the company has become meaningless.
Is Cryptocurrency Exchange In A Thread On Twitter?
The vice president for global marketing and communications of the AAX exchange announced his resignation from his position at the cryptocurrency exchange weeks after the company began to restrict withdrawals.
Ben Caselin revealed the reasons for his decision to leave the company and his position at the cryptocurrency exchange in a thread on Twitter. Caselin claims that despite his efforts to advocate for the community, the ideas they came up with were rejected. The executive said his communication position had become “empty.”
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The former AAX executive also disapproves of how AAX handles the situation. According to Casein, the exchange behaviors were “without empathy” and “overly opaque.”
What About The Withdrawal Halt?
The former executive noted that numerous people, including some of his family members, have requested assistance during the withdrawal halt. Caselin wrote that everyone was waiting for responses to the discussion but that there was nothing he could do now.
Why Brand Trust Is Lost?
Despite the current state of affairs, the former AAX CEO is optimistic that everything will be handled fairly, but he also pointed out that the harm has already been done. He wrote, “The brand is no longer, and trust is lost.
The AAX exchange began halting withdrawals on November 14 to repair a system upgrade bug. The exchange gave its customers the reassurance that the withdrawal freeze had nothing to do with the ongoing FTX collapse and that they had no financial ties to the troubled FTX exchange.
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Following the news, the AAX team clarified that further funding is required because its investors have chosen to pull their money out of AAX due to the FTX crash. According to the exchange, they risk having a capital deficit as a result, which they must address before starting up their regular activities.
